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1. P COMPANY reported the checkbook balance on December 31, 2017 at P8,000,000. In addition,
the entity held the following items in the safe on that date:
Check payable to P COMPANY, dated January 2, 2018 in payment of a sale,
not included in December 31 checkbook balance 1,000,000
Check payable to P COMPANY, deposited December 15 and included in
December 31 checkbook balance, but returned by bank on December 30
stamped NSF. The check was redeposited on January 2, 2018 and cleared
on January 5, 2018 3,000,000
Check drawn on P COMPANY account, dated and recorded on December 31, 2017
but not mailed until January 15, 2018 2,500,000
Coins and currencies on hand 800,000
Three-month money market instruments 1,500,000

What is the correct amount of cash on December 31, 2017?

a. 7,500,000
b. 9,300,000
c. 8,300,000
d. 9,800,000

2. Q COMPANY had the following account balances on December 31, 2017:

Petty cash fund 50,000
Cash on hand 500,000
Cash in bank – current account 4,000,000
Cash in bank – payroll account 1,000,000
Time deposit 2,000,000
Cash in bank – restricted account for plant addition, expected to be disbursed
in 2018 500,000
Cash in sinking fund set aside for bond payable due June 30, 2018 1,500,000

The petty cash fund included unreplenished December 31, 2017 petty cash expense vouchers
of P5,000 and employee IOU of P5,000. The cash on hand included a P100,000 check payable
to the entity dated January 31, 2018. In exchange for a guaranteed line of credit, the entity has
agreed to maintain a minimum balance of P200,000 in the unrestricted current bank account.
What amount should be reported as cash and cash equivalents on December 31, 2017?
a. 6,940,000
b. 8,940,000
c. 7,940,000
d. 7,440,000

3. R COMPANY reported the following information in relation to imprest petty cash fund at year-
Coins and currency 22,000
Petty cash vouchers:
Gasoline 3,000
Medical supplies 1,000
Repairs 1,500
IOU from an employee 3,500
Check drawn payable to the order of Rose Anne, petty cash custodian, representing
her salary 15,000
Check of an employee returned by bank marked “NSF” 3,000
A sheet of paper with names of several employees together with contribution for a
birthday party and attached to the sheet of paper is a currency of 5,000

The petty cash ledger account had a balance of P50,000. What amount of petty cash fund
should be reported at year-end?

a. 42,000
b. 27,000
c. 37,000
d. 22,000

4. S COMPANY provided following information on December 31, 2017:

Cash in bank per book 7,400,000
Cash in bank per bank statement 8,180,000
Deposit in transit 1,200,000
Outstanding checks, including certified check of P200,000 1,500,000
Note collected by bank for the entity, including interest of P100,000 1,100,000
Service charge for December 20,000
DAIF checks of customers returned by bank 500,000
Error in recording a check in the book. The correct amount as paid by the bank is
P100,000 instead of P200,000 as recorded in the book. 100,000
Deposit in other bank closed by BSP 1,500,000
Currency and coins on hand 600,000
Petty cash fund 50,000

What is the total cash to be reported as current asset on December 31, 2017?
a. 8,730,000
b. 8,080,000
c. 8,180,000
d. 8,530,000

5. T COMPANY had the following bank reconciliation on June 30, 2017:

Balance per bank statement, June 30 3,000,000
Deposit in transit 400,000
Total 3,400,000
Outstanding checks ( 900,000)
Balance per book, June 30 2,500,000

The bank statement for the month of July showed the following:
Deposits (including P200,000 note collected for Hanie) 9,000,000
Disbursements (including P140,000 NSF check and P10,000 service charge) 7,000,000

All reconciling items on June 30, 2017 cleared through the bank in July. The deposit in transit
amounted to P1,000,000 and the outstanding checks totaled P600,000 on July 31. What is the
cash in bank balance per ledger on July 31, 2017?
a. 5,400,000
b. 5,350,000
c. 5,550,000
d. 4,500,000

6. U COMPANY provided the following information on December 31, 2017:

Cash on hand 200,000
Petty cash fund 20,000
Philippine Bank current account 5,000,000
Manila Bank current account 4,000,000
City Bank current account (bank overdraft) ( 100,000)
Asia Bank savings account for equipment acquisition 250,000
Asia Bank time deposit, 90 days 2,000,000

*Cash on hand included the following items:

Customer’s check for P35,000 returned by the bank December 26, 2017 due to
insufficient fund but subsequently redeposited and cleared by the bank on January 10,
Customer’s check for P15,000 dated January 10, 2018, received December 23, 2017.
*The petty cash fund compromised the following items on December 31, 2017:
Currency and coins 5,000
IOU from an officer 2,000
Unreplenished petty cash vouchers 12,000

*Included among the checks drawn by U COMPANY against the Philippine Bank current account
and recorded in December 2017 are:
Check written and dated December 31, 2017 and delivered to payee on January 3, 2018,
Check written December 26, 2017, dated January 30, 2018 delivered to the payee on
December 28, 2017, P45,000

What total amount should be reported as cash and cash equivalents on December 31, 2017?
a. 11,125,000
b. 11,225,000
c. 11,155,000
d. 11,205,000

7. V COMPANY prepared the following bank reconciliation on June 30:

Balance per bank 9,800,000
Deposit in transit 400,000
Outstanding checks 1,400,000
Balance per book 8,800,000

There were total deposits of P6,500,000 and charges for disbursement of P9,000,000 for July
per bank statement. All reconciliation items on June 30 cleared the bank on July 31. Checks
outstanding amounted to P1,000,000 on July 31. What is the amount of cash disbursements per
book in July? 8,600,000

8. W COMPANY provided the following data for the month of January of the current year:
Balance per book, January 31 3,130,000
Balance per book, January 31 3,500,000
Collections on January 31 but undeposited 550,000
NSF check received from a customer returned by the bank on February 5 with
the January bank statement 50,000
Checks outstanding on January 31 650,000
Bank debit memo for safety deposit box rental not recorded by the depositor 5,000
A creditor check for P30,000 was incorrectly recorded in the depositor’s books as
A customer’s check for P200,000 was recorded by the depositor as 20,000
The depositor neglected to make an entry in its books for a check drawn in
payment of an account payable 125,000

What is the adjusted cash in bank balance on January 31? 3,400,000

9. X COMPANY presented the following bank reconciliation for the month of November of the
current year:
Balance per bank statement, November 30 3,600,000
Add: Deposit in transit 800,000
Less: Outstanding checks 1,200,000
Bank credit recorded in error 200,000 1,400,000
Balance per book, November 30 3,000,000

Data per bank statement for the month of December follow:

December deposits (including note collected of P1,000,000 for Chris) 5,500,000
December disbursements (including NSF, P350,000 and service charge, P50,000) 4,400,000

All items that were outstanding on November 30 cleared through the bank in December,
including the bank credit. In addition, checks amounting to P500,000 were outstanding and
deposits of P700,000 were in transit on December 31.

1. What is the cash balance per ledger on December 31? 4,300,000

2. What is the amount of cash receipts per book in December? 4,400,000
3. What is the amount of cash disbursements per book in December? 3,100,000